That doesn't explain why the government was informed that the math showed this was impossible and didn't do anything either

@@Marsonis2ya Good question. You would have to figure out why they went after Jonathan Lebed, a schoolboy trading stocks from his home computer in suburban New Jersey and ignored Madoff or why the only person prosecuted in the 2008 market debacle was a low level clerk.

yes, this.

Maybe because the people who are in charged to find fraud want to someday work for some these investment companies so don’t want to make waves or they are not that smart and that is why they are not making millions working for some investment outfit.

Interesting point

I was thinking the exact same thing! I was about to comment about that till I saw your comment lol. Glad you pointed it out. It was a very interesting tactic he used.

Not trust. It was greed and fear of missing out like Jonny Blaze commented. In order to establish trust you need to know them on a personal level. Some may have trusted him, but most did not trust him. Rather, many may have trusted people that did get returns on their investments. They were greedy and impulsive.

In prison, Madoff said he carried greedy people for 20 years. Sounds like one of those things where nobody was bitching when times were good and they were rich but when shit hit the fan in 2008, he felt like he didn’t have to show remorse because people were throwing money at him. He said he wish he was caught earlier but he was too good

You are literally just taking that from the movie lol

Instablaster

Nice 👍 lmao

😂

Amazed at how most of what David Lee Roth spoke about - Joe didn’t know what he was talking about...? Right over Joe’s head.

LOL

DMT pills would’ve made more sense, you ruined it!

People who lived through the Great Depression aren’t still alive, so it’s still technically accurate. The government has pumped trillions into the stock market to prevent 2008 again, so far at least

AOB trillions into the stock market probably isn’t the best way to keep the economy stable just the easiest short term solution.

Marco Polo Agreed

@@andrewptob They are preparing to pump in much more this time, making it an even greater meltdown, it has been 11 years.

What about the 27 million jobs lost just in April?

Hubris!

I bet Renaissance Tech works the same way, i.e., they pretend to be genius investors, always beating every other fund, but because they're so cloaked in secrecy no-one can call them on any bullshit. Like Madoff, they're invitation-only which should be a red flag for actually "sophisticated" investors.

@@roomie4rent yes, you're right on a couple points. Only difference is, their medallion fund actually has the returns year after year to back it up, not a pyramid scheme.

@@ctdieselnut Oh really? Then why don't they open the fund up to outside investors and ride the tidal wave of commissions? Or are they Wall Street ascetics and don't want to get "too" rich?

It is more a question of greed than hubris.

Jerry Dean ... Brilliant !!!

Woah, how'd I not notice that comparison!?!

You must not listen to rap much

Madoff's boat was named 'Bull"

Your name is your destiny

Brian Waggoner lmao

I do not need to read his book to understand this "phenomenon".

Ooh Brian. Good one

🤣🤣🤣

Should be "Madoff w/Zeloot"

His take on David and Goliath is really interesting.

Then you might love his podcast revisionist history.

That is hilarious. Crazy how i missed something so obvious

That's all Gladwell does. He is the Bernie Madoff of literature and historiography.

Greed. Simple. It'll get ya everytime if you let it

@harvey weinstein one of her Stanford professors who is part of the medical school board (I may be mistaken) called the idea complete bs from the get go when it was pitched

A lot of big investors knew Elizabeth was a fraud later on before the scandal broke, I believe they just wanted to get their money out before the valuation of her company went to zero. A lot of these savvy investors play dumb to avoid prosecution and to let someone else take the losses

Peter Balabanos , blue eyes blonde hair got me

Thanks for reminding me about her. Her trial is set for next Summer.

That would be awesome. Start it up

bernie maidoff documentry is out on netflix

"Brilliant?" Ha! Malcolm Gladwell is the Bernie Madoff of literature and historiography.

I think some people just can’t help themselves. They know they can steal so they do

Lies quickly snowball out of control

You apparently do not understand what a Sociopath is.

Makes me wonder how often legitimate businesses cross that line and come back to legitimate without ever being caught. vs Madoff that had an obvious scam and still wasn’t caught for so long

Greed

Yep, that's true

Harry has found another one at General Electric

chris peaty no this guy (with the Greek man) is working for a private firm and is trying to fuck up GE’s value for profit reasons. gE is fine

10 minutes of looking at the data and he knew it was a fraud.

He served his findings to the SEC on a platter. They didn't do shit.

I seen a deal on a cult that scammed people out of most of their money. They surveyed the members after the cult had been exposed. The people who were in the cult the longest, and actually lost the most money refused to believe they had been scammed. The members who lost the least amount had no problem saying it was a scam and they were fooled. Basically, the more you are into it, the harder it is to admit you were fooled.

Greed+ignorance+ the dunning kruger effect+ social proof+ follow autorrity+scarcity fallacy

🤣🤣🤣🤣

Naw, that guy knew exactly what was going on... The Michael Bienes guy

God promised me. So I took it.

Can’t blame him, I would’ve done the same thing if I’m being honest💀

Exactly. Bernie "hand picked" the people he would let invest with him. His services weren't open to just anyone. Bernie also "tricked" the FTC and the people who were supposed to be watchdog groups over him. Much like how Enron was able to pull off their scam, the accusation against them of a scam of such a grand scale, that it was brushed off as conspiracy theory. Nobody thought Bernie, who was the chairman of the NASDAQ once, was orchestrating a $65 BILLION dollar ponzi.

Correct! It was exclusively Jewish. He didn't mention the Jewish component once. According to the NYT that particular detail was key to understanding the Madoff Ponzi scheme. His version of the story is complete revisionist history. Madoff's sons were receiving tons of legal pressure and forced their father to turn himself in. He makes it sound like if it were not for the 2008 financial crisis Madoff would still be in business.

You know this guy spouts pseudoscience all day long right? He's a journalist. He sounds smart becsuse he's like the steven pinker of stupid people like yourself. That's why normal people read his books not scientists or any real type of profession that requires thought

@@josephmelton4721 just because his books aren't academic texts doesn't mean that they are pseudoscience or that his readers are "stupid." He sounds smart because he is. And Steven Pinker is brilliant, even if you or I don't agree with all of his opinions.

Robert Hubbard nice bait dude

You should watch the Johann Hari episode

@@josephmelton4721 Isn't it bizarre the world we live in? I know you're factually correct, and I assume a lot of people do also. But, look at the like to dislike ration to you and the eric guy that replied. The masses will gladly believe a delusion if it relieves them of short term stress. It's so very odd to me. This is a ratio of america in a nutshell 2/12 have the ability to use the most basic of critical thinking skills. 14.28% LOL lonely world out there. That's the real answer to the scammer problem. It's too fucking easy. Like it's comedy level easy to just be a crook when so many people are willing participants in deception. Sure this comment section might not be a perfect representation of america at large. However If I had to guess I'd say it's above average in cognitive ability, considering the most popular forms of entertainment are even more asinine. Amazing really.

How old are you really? You look amazing.

@@NotKimiRaikkonen I will be 49 this year and thank you very very much !

Uhh... sure!

Listen to his podcast, you'd be amazed.

Dude, that's hilarious. I could totally see Joe saying "Wait, T-Bills? Is that like Thai Stick?"

Lol.That's objectively funny .

T Bill is what the T stands for in DMT

I legit thought Rog was testing him

Dmt bill

I've been trying to make money in the stock market for 10 years. I can accurately predict future prices but have no control over my emotions.

Hey man its a dream to have any position working for a hedge fund. Do you mind telling me your story and how you did it?

That's probably why you are no longer one. Lol

@@jonnyfranco7 if your price predictions are based on something more then intuition I would suggest that you automate your logic, letting code do the trading for you. It would reduce the emotional cost associated with having to sit there and make decisions. Then, if possible, use your code to scale and diversify across markets. It helps smooth out your equity curve and reduce stress caused by looking at drawdowns. Keep it mind that even if you are fully automated self sabotaging behaviours are still possible.. but, from experience, those are some of the best ways to reduce emotional related mistakes short of working directly on your own psychology.

@@mpower2386 Year 10 of my journey and I have i became so desperate that I began meditating. I’ve known about meditation since year 3 but I only meditated a few times and for a few minutes. It’s mental torture. Which is why the quote, “ All of mans problems come from not being able to sit in a room for 30 minutes alone.” Is true. It forced me to take a real look at myself it attacked all my insecurities and false beliefs that I held to protect my ego. I went deep mentally and at the end I realized I was doing this for all the wrong reasons. I thought I was doing it for passion but I’m really doing this for money and for the love of the game. My real passion is providing for the women in my life. Etc. It was very scary because I was afraid that I was gonna uncover hard truths that would make me want to die. But at the light of the tunnel I saw everything so much clearer. Like wiping foggy lenses. I now saw why I was failing for so long. It was my FOMO stemmed from a psychological misunderstanding of my underlying motives. I learned all of this by correctly meditating for 2 hours. Ray Dalio wasn’t joking

he is correct about that.

correct

That's actually a very silly thing to say, although of course it's going to get a lot of likes, since it sounds radical and cool. It's silly because the government is not an investment firm. It collects taxes not as ostensible investments, but to fund myriad state functions, from infrastructure to regulatory bodies to law enforcement to the military to government itself. One can and one does debate and criticise much of that expenditure, including government waste; those discussions are known as politics. It has nothing to do with a Ponzi scheme to defraud would-be investors.

From what I heard he stole from people who were already in a sense wealthy. Yet they want to make it seem like he stole from the poor and regular people. I still don't know the full truth but I feel like if he really was just stealing from the poor and regular people he would've got away with it. But since he was stealing from the rich they absolutely destroyed him in the media and told people what to think. I really don't know the truth but I'd like to.

@@ohio72213 Dumb antisemite.

bigfloppyfarts seconded

This video autoplayed after I finished watching the Coldfusion one .

I feel you....

roo dog

@Tom Hewitt nice Bronx Tale logic -- adjusted for inflation, of course.

Dishonest people run the world.

No one thrust me, unless they know me well. Never stole a penny, I sheldon lie. I'm almost pathologicaly honest.

Outliers!

Yes unfortunately

@Mark Rodriguez You missed the point government paid troll!!

Hahahahaha this comment is so fucking retarded

Chase Palmquist Horseshit. A mutual agreement to exchange goods stays exactly what it is without outside intervention. Corporations engage in socialist behavior (taking advantage of consumers esp. the poor) because they are protected by government, hence “incorporated”

@@JT-rb2cj interesting assessment, but hindsight will usually prove one party to be a fool

That’s actually an interesting idea. They have different thinking styles and blind spots.

Too bad Gladwell is no longer eligible for frequent flyer miles on Epstein's Lolita Express having no idea why he is on it with other people or where they are going. Brazen AF bringing up Larry Nassar. Gladwell's interview on JRE is Brand Rehab.

The problem is I dont really see any area of contention to debate. Im not sure of Malcolm Gladwell's individual political bent, but even if he was an Indentitarian Left-winger, that's more personal than what he writes about, which seems to be more general personal economic observations. Like im sure Jordan Peterson has ideas on America's Foreign Policy in the Middle East but that's not his area of expertise, so a debate with like Noam Chomsky really wouldn't be interesting, even though both are smart. Even if Jordan Peterson disagreed with Chomsky (which I doubt he would cause JP is actually fairly Left Wing in a true traditional sense and Chomsky is literally the only true Left Winger calling the Russia probe nonsense).

I see it like this: Gladwell has the concepts and principles of practicality and logic down, but he's no match for Peterson's background in Psychology and understanding of the human psyche. As it pertains to application of ideas, I'd maybe give Gladwell the edge but over everything else including motivation and analysis, it's all Peterson. They would agree on many things, except perhaps social constructs and politics. I see Gladwell as a centrist, possibly progressive while Peterson is socially conservative and perhaps a Libertarian.

You want some good debates, find the Munk Debates on youtube. Canadian debate series where you can find both of those guys (not debating each other yet as far as I know) and many more high level debaters.

You still with her

How did you realize it?

Gladwell is a good writer, which helps him with being a good sneaker as well

@@nickkeesey170 good sneaker 👟? Is he Nike Reebok or Adidas? Or a Walmart dad shoe?

Well its a company filled only with people who hv phd's in computer science and applied mathematics and they've made over $100 billion profits over time..

That's correct :)

He could, if they dig him.up

More ppl would invest with bernie

You wont learn anything more then this interview which is...zero

Madoff WAS on the podcast - he was just disguised as Dr. Phil 😆

He had Lance Armstrong on, so there's that.

I think you are the one with an illusion of success. I find it very sad that people like gladwell think success is just experience, opportunity and luck. Hes great at talking theoretical but in practice lot of what he says is bullshit. Remember He's a writer. He has no formal education in any field of ecnomics, mathmatics, or science degree whatsoever. If you believe success is something as simple as luck well you've already lost kid

@@josephmelton4721 are you talking about Outliers? Did you even read that book? He doesn't say success is just luck - he says that there is usually an element of luck (being in the right place at the right time) involved in reaching the highest levels of success.

@@josephmelton4721 I actually wrote the comment on fly, without putting any thought behind it actually. Let me clarify. What I tried to meant by Illusion of Success is that people putting up a facade, especially in silicon valleys, duping investor and actually raising millions without putting the work. Go through Forbes 30 under 30 list or 40 under 40. Most of these lists are pretty much worthless. Our media has given us a picture of success which is flawed in every sense and most people are running after it without any thought.

@@TowfiqRafiBUET09 lol but that has been true of silicon valley venture capital firms, they have been literally throwing billions at retards who think they're sitting on the next Tinder or Instagram. After I completed business school I worked in Venture Cap for 5 years and saw it firsthand. Look at the recent example of WeWork lmao, you really think Adam Neumann is not retarded?

@@josephmelton4721 you know that fund gladwell talked about, renaissance? yeah that the highest yielding group of investors ANYWHERE. jim, the manager includes luck in his list of factors for success. and a lot of it.

This is actually a tactic of a good interviewer. Part of it is interpreting the guest for a 19 year old kid who just got smarter.

Miles Priddy lol. Except he didn’t explain it. And I wouldn’t bet my bankroll the 19yo or Joe know what a Treasury Bill is.

Ya got me

25mil but still it's kind of surprising that he didn't know. Then again, hes an entertainer and has made fabulous money doing it...its not like he needed to know what a T bill is.

Professor Swaggamuffin he is a entertainer,but he’s also an influencer. So if you are gonna talk about the economy and wrath inequality maybe read something that’s not about the “third eye” before interviewing a guy like this.

wow so deep kant

Suspicion might not be knowledge, but you shouldn't disregard the ability to intuit what is actually happening.

By your own explanation of how knowledge is revealed we really don't know what the " weird feelings " of someone else feel like if we ourselves haven't experienced them because by your own explanation we haven't been exposed to the same feelings when you say knowledge can only be gained by what has been exposed then I have to say you may not " know " or understand how intuition and instincts work how does a Monarch Butterfly " know " what it's supposed to if no one ever taught it, how does a mother dog " know " to let the pups drink from her milk if no one ever showed her, how does a spider know to how to build a web if no one ever showed it, how does an ant army " know " to move as a unit if there's no academy I could go on all day ( and these aren't even my best examples )....Intuition is " real " not " Sience Fiction " and knowledge is nothing without wisdom and understanding

Wtf this thread is creepy as fuck

Precognition

Amazing hahaha

There is a lot of downtime while on tour.

lmfao

In a world of guppies, but a shark. That's essentially what Madoff taught us.

Me too - Listen to or read his 2009 book - 'What the Dog Saw' - You will begin to understand what a smart person with endless curiosity sounds like

Think you have a misunderstanding of what his podcast is. It’s never really been an “interview” I’ve always seen it as joe and whoever just conversing. It’s been like that since episode 1 on a webcam....

Lol read the book. They only did that to save their own skin.

Them not taking the guy seriously isn’t actually what I find crazy. The guy is really abrasive and arrogant. While he was clearly right from the beginning, if you ever spend some time watching him speak on it you can see why an inept regulator may not have taken him as seriously as they should have in hindsight. He submitted fraud tips with work he felt provided the scam, that I’d taken serious would have likely found it years before he turned it in. But I think people also need to remember various competitors had been filing complaints and accusations against Madoff for years and he was investigated many times although clearly never competently. I believe there are SEC investigations of his fund going as far back as 1992. One also needs to look in context. Bernie had stuck to a strategy of being very secretive in trades and strategy to cover this scheme for years. It wasn’t like he just did this out of the blue one day when he was being investigated. He handled his business that way from the beginning. So when he responded in that fashion during investigations and the like it didn’t raise flags for them because it wasn’t anything outside of his normal. He was also well connected in the industry, both with other managers as well as politically. He was the head of NASDAQ for three terms. It is unfortunately natural that they would lean to taking Madoffs word considering his status and tenure over the accusation of a random analyst from a competing firm. It was the word of an icon of the industry versus that of an analyst if a competitor who stood to financially and career wise benefit if he brought Madoff down. Sure that’s a poor way to look at it but it’s also realistic in the world we live. One also has to consider that he never produced wild returns to really raise the eyes of regulators. He was never doubted because he produced large returns, he was noticed because he was too consistent. During his time managing money he had something like 12 or less months where he reported a loss. And when he did report losses they were never big. His returns were always in line with and at times under the returns that the S&P produced - the appeal of investing with him was the exclusivity and status of him accepting you into his fund mixed with its consistent steadiness in its moderate returns. I spew all of the above to say that while we now see in hindsight that they should’ve listened to the whistleblower. We see that he was correct in his accusation. But there are also pretty realistic reasons why they overlooked the guy. And even with overlooking him it’s not like Madoff didn’t get their attention. Over a 16 year time period his firm was investigated eight times. The issue that is frustrating is more how they investigated so many times and never found anhthing. The truly pervasive issue is that the SEC has no chance to successfully hold hedge funds accountable. First one has to remember is a civil agency. They don’t charge crimes, they simply issue civil fines. They are able to go after a license but rarely do. Civil fines don’t do anything to curtail schemes. Take an example of Steven Cohens previous hedge fund. The sec got the fund to plead guilty to insider trading. They instituted the largest fine ever of $1.8B and Cohen couldn’t manage outside money for 2 years. That’s a huge punishment as far as the SEC goes. What happened after? He opened a new fund when his ban ended that now employs double the people his old fund did and manages over $8B more in assets than the old one did. That’s what happened in a case where they actually got a big “win”. An agency that imposed fines can’t handle an industry that makes so much money breaking their rules that even a gigantic fine like that one is simply a cost of doing business in comparison to the the profits they earn over the long term. The other issue with agencies like these is that they’re understaffed to enforce the industry to begin with and they have no chance to retain the brightest staff to keep up. They keep some mission motivated staff around but the disparity in pay that someone can earn going to one of the firms they regulate over staying with the SEC is simply immense. The max pay you can earn in the SEC is around $280K. That’s a nice salary. But you also live in DC which is expensive as hell. You work all the time. You’re always short staffed. Or you can go work for one of the firms,l and easily make 7 figures or more. The only people they can retain are the passionate. The majority leave once they are recruited Jj private industry. And when that’s the playing field you’ll never be able to keep up. It’s just the sad reality of government regulation.

@@Matt-cr4vvwow thanks!

Lance Stabler fuck citadel

@@ts2736 agreed

why do you think 08 happened they're all like that just giant ponzi after giant ponzi passing it all around

USA federal government does EXACTLY the same thing every day.

@@goatface6602 yeah, with all the social security money I'm "investing" with them.

Check out the situation in Lebanon. By far the biggest.

Lmao people really writing fake reviews of restaurants they didn't go to to try and increase their status, so pathetic

Yeah man thats totally crazy unbelievable almost

Dankest Ranch simmer down Ranch

What's it called

That's Google bro.

John Wigmore haha you’re not wrong

Excellent advice to live by. When I loan out money, I write if off. If I get it back, it's a bonus; if not, they have to live with it.

No, that's not what he said. He's not saying people are trustworthy, he's saying regardless of whether people are trustworthy or not, people are inherently inclined to trust others, whether they deserve the benefit of the doubt or not. And your comment actually proves that. You're saying that despite the fact that no one has ever paid you back, you have loaned multiple people money. That's exactly what he said.

@@dylanfarnum4121 thank you for clarifying it..my bad. I wrote that comment some time ago now. I had some bitterness and unforgiveness in me..although i still treat this senario the same way, i have grace in my heart. All the credit is Gods.

Dat Money over There ?

K August 😂

DMT?

You don't have safari on your iPad?

You know you can do that on your iPad right?

Thx fellas. I didn’t know my iPad had that function. -puts away computer and goes back to iPad where I can’t see replies to comments. SMH

@@JHawk-gh3rh If you have a million or so in liquid assets you can access a wirehouse wealth management firm who have programs where you can get access to www.RenTec.com and other Private Equity, Venture Capital, and Hedge Fund style investment vehicles. Normally, these funds are closed to the public. Gladwell is wrong, btw, Renaissance Technologies Medallion Fund has returned ~70% annually since 1988 before fees, granted you need to work there to access the Medallion Fund specifically.

@@JHawk-gh3rh why i like android hahahahah

Really? Oh, so That's how they Caught Me !

Most Hated ,Plus cops are able to convince judges that they are telling the truth when they testify almost 100% of the time..

@@alanmazzucchelli9013 convince their colleagues to lock someone up to make more money for their employer

Not wrong considering they assume everybody's lying 100% of the time

Ok that's why FBI came out saying they can't prove when people are lying lmao but yet they have 98 pecent conviction rate ya ok

U sound like a logos boy from Nigeria

MOON lIGHT not sure u know what they sound like if you struggle to spell *Lagos 🤔